Peter Lohmann's Mailing List - Issue #60

A Personal Update

Here’s an update on my various companies and projects:

RL Property Management

• Residential property management company serving central Ohio

• Owned 50/50 with Adam Rich

• I run this company as CEO (Adam has no operations involvement)

RL Property Management is still my Main Thing. I work in or on this company around 15-20 hours a week, supported by RL’s COO, Cathy Gainer. We’re at ~630 units and slowly but steadily gaining back the ground we lost at the beginning of this year (see issue #57 for more details on that).

PM Business in a Box

• Business-in-a-box solution for anyone starting a property management company

• Jon Matzner is my partner in this

• My property management IP is licensed to this company

PMBB launched late last year, and initially grew more slowly than expected. We received hundreds of applications but the pull-through rate was low. Recently we fine-tuned the offer and have seen renewed interest; we’re up to 5 affiliates (customers) in the program now. We’re seeing a LOT of interest from existing real estate investors who want to start offering 3rd party management, so we’re beginning to focus on this niche too.

Crane

• Private, paid community for management company owners with 100+ 3rd party doors under management

• Owned 50/50 with Wolfgang Croskey

• Wolf runs operations and I handle distribution

Crane is going really well and has exceeded my expectations. We had 90 applicants and kicked off a few weeks ago with 32 members. Wolf and I are really happy with both the interest level in the program, and the participation we’re seeing so far within the community. I’m really excited to see this continue to develop.

Criterium-Liszkay Engineers

• Building engineering services firm located in central Ohio

• Owned 50/50 with Adam Rich

• Adam runs this company as CEO (I have no operations involvement)

Criterium has seen incredibly high demand in 2023. Adam has hired several new engineers and continues to look for qualified P.E.s who have structural engineering experience or are interested in reserve studies. This is the only company I’m involved with that has no recurring revenue. We’re exploring an engineering-as-a-service type product for homeowners associations (law firms have succeeded with a similar product).

Peter Lohmann Inc

• This newsletter + my Twitter + the Owner Occupied podcast + my one-on-one coaching + speaking is all part of my “personal brand” and media.

• Owned 100% by me, obviously

• This newsletter has 3,563 subscribers, my Twitter account has 19.2k followers. The podcast gets anywhere from 300-600 listens per episode.

I should probably hire an assistant for this “company” because it’s starting to take up more and more time (and drive real revenue). I love writing this newsletter and doing the podcast. Twitter is hit-or-miss. I continue to do a limited amount of one-to-one property management coaching, which is incredibly rewarding for me. I limit this to 3 slots and have weekly or bi-weekly zoom meetings with these clients.

An update on availability:

• Podcast sponsorships: Sold out for the year

• Newsletter sponsorships: A few Q4 spots remaining

• PM Coaching: No slots open

• Speaking: Contact me if you’re running an awesome event in 2H 2024

Other Activities

• My work with LeadSimple is ongoing and very enjoyable. I love seeing them help property managers win with best-in-class CRM and workflow automation.

• I regularly do paid consulting work for proptech firms and other vendors that provide services to property management companies. Probably averages out to 1 hour a week. (Book here anytime, subject to my calendar availability.)

• Adam Rich and I continue to look for residential and commercial real estate to buy (RL Partners). We try to do at least one sizable deal per year with a long-term hold strategy. Together he and I own a handful of properties (that’s actually how we got started in property management).

This week’s issue is sponsored by: BetterWho.

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Industry News & Events

• Trust Accounting: Get It Right or You’re Done. I’ll be discussing the ins and outs of trust accounting on this PayProp webinar, including my “iron law of trust accounting.” This coming Thursday 9/14 at 1pm ET.

• This month! Re-Convene real estate “Un-Conference”: $500 Off (enter your email to access purchase page, then promo code “PETER23” for the discount). (I’m on stage.)

• LeadSimple University (User Summit) tickets are SOLD OUT.

• Peter & The Wolf free webinars - We have 2 coming up:

  • September 14th at 3pm Eastern

  • October 5th at 1pm Eastern

• Ever heard of Rent Butler? They’re trying to disrupt tenant screening with a new model that looks at bank account transactions and credit score movements. I will be following this with interest, as tenant screening is desperately in need of innovation (I’ve been whining about this for years; here’s me talking about it in early 2018).

Closing Thought

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That’s all for this week! Have a great weekend -Peter

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